Columbus Q1 2026: from a cautious start to improving momentum

Columbus strengthened its pipeline in the first quarter of 2026 despite the soft market situation, leaving the company well positioned for increased activity through the year.

“The first quarter was characterised by a cautious start, but activity levels improved gradually throughout the quarter, and we strengthened both our pipeline and order intake with several larger project wins. This puts us in a stronger position to convert gradually improving demand into profitable growth in Q2,” says CEO & President Søren Krogh Knudsen.

Market activity remains soft
Revenue in Q1 2026 was DKK 418m (Q1 2025: DKK 434m), representing a decrease of 4%, primarily driven by lower activity in Denmark and Sweden, partly offset by growth in Norway and the US.

EBITDA amounted to DKK 26m (Q1 2025: DKK 46m), corresponding to an EBITDA margin of 6.3% (Q1 2025: 10.7%), reflecting the lower activity level, partly offset by continued cost discipline and a focus on profitable engagements.

Strengthened execution and pipeline
In response to softer market conditions, Columbus maintained a strong focus on execution and resource allocation in its core business, supporting a stronger pipeline and several larger project wins.

The company also progressed strategic initiatives, including a global supply chain partnership with SNS and a major retail win with Stadium, supporting scalable end-to-end solutions and contributing to an improved pipeline.

AI moving into execution
Customers are increasingly moving from AI ambition to measurable outcomes. We are already seeing this with customers such as Wausau Supply Company in the US, where we help reduce administrative work in sales and improve workflows through targeted AI initiatives.

Columbus continues to see growing demand for practical AI applications and has strengthened its capabilities through a Group AI Center of Excellence and a standardised delivery model across customer engagements.

“For us, AI is about helping customers improve how they run their business. We focus on integrating AI into core processes in a way that is scalable and creates tangible business value,” says Søren Krogh Knudsen, CEO & President.

Outlook for 2026 – positioned for gradual improvement
Columbus expects gradually improving market activity in 2026, supported by improved activity levels towards the end of Q1 and into Q2. Organic revenue growth is expected in the range of 0-5%, with the EBITDA margin expected to improve to 8-10%, driven by increased efficiency, contract profitability, and scaling of AI-based solutions.

Key figures Q1 2026

• Revenue: DKK 418m (Q1 2025: DKK 434m), corresponding to a decrease of 4%
• EBITDA: DKK 26m (Q1 2025: DKK 46m), corresponding to a decrease of 43%
• EBITDA margin: 6.3% (Q1 2025: 10.7%), corresponding to a decrease of 4.4 percentage points
• CFFO: DKK -4m (Q1 2025: DKK 17m)

Read the Interim report Q1 2026 here: https://storage.googleapis.com/inderes-widgets-prod-assets/columbus/attachments/4ca44101-575d-4a33-b329-ade328ee6886/columbus-interim-report-q1-2026.pdf